[ehnto]

You might be thinking of counter-signalling on one hand. On the other hand there are just different groups of social status as well. To one group, a mercedes might be very impressive, to another it might be your time spent overseas, even if you all make the same money.

I think the reason cars might not be a reliable status symbol anymore is debt. If someons is in my socia-economic group but driving a very expensive car, it signals to me that they loaned the money so that they could have the status symbol.

[publius_]

Counter-signalling partly explains why pure status symbols are not among Gen Z. Taste, or aesthetic sensibility, is also an explanation. An expensive watch, such as a Patek Philippe, is still status since it's durable – to be passed on. A Mercedes? Not so much.

I also agree on your last point. Most young people today are unable to afford a home, or even pay off college debt. Wealth distribution is increasingly fat-tailed.